Abu Dhabi Financial counters Cerberus bid for Abraaj funds with $55 million

Abu Dhabi

The latest report is indicating that Abu Dhabi Financial is challenging Cerberus Capital in the bid to acquire Abraaj Group’s fund management unit.

According to a report by Bloomberg, Abu Dhabi Capital Management told Abraaj’s liquidators it would pay $30 million to buy the rights to manage Abraaj’s funds and $25 million to cover the company’s costs and end-of-service payments for employees, the people said, asking not to be identified as the information is private. Cerberus had bid a total of about $25 million, people familiar with the matter said previously.

The medium said representatives for Abraaj’s liquidators and ADFG declined to comment.

Abu Dhabi Capital Management made a $50 million offer to the firm’s financial adviser around the time the court-led restructuring process started, according to people familiar with the bid.

Abraaj Group is fighting tooth and nail to save itself from bankruptcy. The company has since been selling off assets to generate cash that will be enough to pay back its creditors.